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Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 THE PROCESS 4LTR Press uses a Student-Tested, Faculty-Approved process to meet the unique needs of each course Learn Global Business YOUR Way with GLOBAL4! GLOBAL4’s easy-reference, paperback textbook presents course content through visually-engaging chapters as well as Chapter Review Cards that consolidate the best review material into a ready-made study tool With the textbook or on its own, GLOBAL Online allows easy exploration of GLOBAL4 anywhere, anytime—including on your device! STUDENTS SAY INSTRUCTORS REQUIRE Students taking Global Business told us they wanted relevant examples of how the course related to their lives and future careers The students had a basic understanding of business concepts, but wanted a study tool that helped them apply these concepts with an international perspective GLOBAL4 allows instructors to introduce their students to the inner workings of actual global companies Engaging examples, interactive applications via 4LTR Online and opening and closing cases in each chapter, will prompt students to think independently, master critical thinking skills and view today’s business challenges from a truly global view Student Resources: • Visually-Engaging Chapters • Tear-Out Chapter Review Cards • GLOBAL Online available at cengagebrain.com • Interactive Reading • Practice Quizzes • Interactive Figures • Flashcards • Videos Instructor Resources available at cengage.com/login: • All Student Resources • Assignable Chapter Readings and Assessments • LMS Integration • Instructor’s Manual • Test Bank PowerPointđ Slides Tear-Out Instructor Prep Cards Discussion Questions Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it THE GLOBAL SOLUTION Print GLOBAL3 GLOBAL4 CCHHAAPPTTEERR + Globalizing Business Business Globalizing Online CCHHAAPPTTEERR Understanding Understanding Politics, Politics, Laws, andEconomics Economics Law, and GLOBAL4 delivers all the key terms and core concepts for the Global Business course GLOBAL Online provides the complete narrative from the printed text with additional interactive media and the unique functionality of StudyBits—all available on nearly any device! What is a StudyBit™? Created through a deep investigation of students’ challenges and workflows, the StudyBit™ functionality of GLOBAL Online enables students of different generations and learning styles to study more effectively by allowing them to learn their way Here’s how they work: WEAK ColleCt What’s Important Create StudyBits as you highlight text, images or take notes! FAIR STRONG UNASSIGNED rate and organIze studyBIts Rate your understanding and use the color-coding to quickly organize your study time and personalize your flashcards and quizzes CORRECT traCk/monItor progress Use Concept Tracker to decide how you’ll spend study time and study YOUR way! 85% INCORRECT personalIze QuIzzes Filter by your StudyBits to personalize quizzes or just take chapter quizzes off-the-shelf INCORRECT INCORRECT Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it This is an electronic version of the print textbook Due to electronic rights restrictions, some third party content may be suppressed Editorial review has deemed that any suppressed content does not materially affect the overall learning experience The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest Important Notice: Media content referenced within the product description or the product text may not be available in the eBook version Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it GLOBAL4 © 2018, 2016 Cengage Learning, Inc Mike W Peng Unless otherwise noted, all content is © Cengage Senior Vice President, General Manager: Erin Joyner Product Manager: Bryan Gambrel Content/Media Developer: Colin Grover ALL RIGHTS RESERVED No part of this work covered by the copyright herein may be reproduced or distributed in any form or by any means, except as permitted by U.S copyright law, without the prior written permission of the copyright owner Product Assistant: Rhett Ransom Marketing Manager: Charisse Darin For product information and technology assistance, contact us at Cengage Customer & Sales Support, 1-800-354-9706 Marketing Coordinator: Audrey Jacobs For permission to use material from this text or product, Content Project Manager: D Jean Buttrom submit all requests online at www.cengage.com/permissions Further permissions questions can be emailed to Sr Art Director: Bethany Bourgeois permissionrequest@cengage.com Cover Designer: Lisa Kuhn, Curio Press, LLC / Chris Miller, Cmiller Design Internal Designer: Tippy McIntosh Cover Images: Rawpixel.com/Shutterstock.com, KlingSup/Shutterstock.com, fleur_de_papier /Shutterstock.com, Sergey Peterman /Shutterstock.com Internal Design Images: Compass icon for cases, Library of Congress Control Number: 2017948122 Student Edition ISBN: 978-1-337-40683-3 Student Edition with Online ISBN: 978-1-337-40682-6 Cengage 20 Channel Center Street jongcreative/Shutterstock.com; In Focus Boston, MA 02210 graphic, Mauro Fabbro/Shutterstock.com; USA PengAtlas Map, T Lesia/Shutterstock.com; Debate graphic, kstudija/Shutterstock.com Intellectual Property Analyst: Diane Garrity Project Manager: Sarah Shainwald Production Service: MPS Limited Cengage is a leading provider of customized learning solutions with employees residing in nearly 40 different countries and sales in more than 125 countries around the world Find your local representative at www.cengage.com Cengage products are represented in Canada by Nelson Education, Ltd To learn more about Cengage Solutions, visit www.cengage.com Purchase any of our products at your local college store or at our preferred online store www.cengagebrain.com Printed in the United States of America Print Number: 01 Print Year: 2017 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it ABOUT THE AUTHOR COURTESY OF MIKE PENG Mike W Peng is the Jindal Chair of Global Business Strategy at the Jindal School of Mana gement, University of Texas at Dallas He is also a National Sci ence Foundation (NSF) CAREER Award win ner and a Fellow of the Academy of Interna tional Business (AIB) At UT Dallas, he has been the numberone contributor to the list of 50 top journals tracked by Financial Times, which has consis tently ranked UT Dallas as a top 20 school in research worldwide Professor Peng holds a bachelor’s degree from Winona State University, Minnesota, and a PhD from the University of Washington, Seattle He had previously served on the faculty at the Ohio State University, Uni versity of Hawaii, and Chinese University of Hong Kong He has taught in five states in the United States (Hawaii, Ohio, Tennessee, Texas, and Washington), as well as in China, Hong Kong, and Vietnam He has also held visit ing or courtesy appointments in Australia, Britain, China, Denmark, Hong Kong, and the United States, and lectured around the world Professor Peng is one of the mostprolific and most influential scholars in international business (IB) Both the United Nations and the World Bank have cited his work During the decade 1996–2006, he was the top seven contributor to IB’s numberone premier outlet: Journal of International Business Studies In 2015, he received the Journal of International Business Studies Decade Award A Journal of Management article found him to be among the top 65 most widely cited management scholars, and an Academy of Management Perspectives study reported that he is the fourthmost influential management scholar among professors who have obtained their PhD since 1991 Overall, Professor Peng has published more than 140 articles in leading journals and five books Since the launch of GLOBAL, he has not only published in top IB journals, such as the Academy of Management Journal, Journal of International Business Studies, Journal of World Business, and Strategic Management Journal, but also in leading outlets in entrepreneurship (Entrepreneurship Theory and Practice), ethics (Journal of Business Ethics), human resources (International Journal of Human Resource Management), and engineering management (IEEE Transactions on Engineering Management) Used in more than 30 countries, Professor Peng’s best selling textbooks, Global Business, Global Strategy, and GLOBAL, are global market leaders that have been trans lated into Chinese, Portuguese, and Spanish A European adaptation (with Klaus Meyer) and an Indian adaptation (with Deepak Srivastava) have been successfully launched Truly global in scope, Professor Peng’s research has investigated firm strategies in Africa, Asia Pacific, Europe, and North America He is best known for his development of the institutionbased view of strategy and his insights about the rise of emerging economies such as China in global business With more than 29,000 Google citations and an Hindex of 69, he is listed among The World’s Most Influential Scientific Minds (compiled by Thomson Reuters based on cita tions covering 21 fields)—in the field of economics and business, he is one of the only 70 worldclass scholars listed and the only IB textbook author listed Professor Peng is active in leadership positions He has served on the editorial boards of the AMJ, AMP, AMR, JIBS, JMS, JWB, and SMJ; and guestedited a special issue for the JMS At AIB, he cochaired the AIB/JIBS Frontiers Conference in San Diego (2006), guestedited a JIBS special issue (2010), chaired the Emerging and Transition Economies track for the Nagoya conference (2011), and chaired the Richard Farmer Best Dissertation Award Committee for the Washington con ference (2012) At the Strategic Management Society (SMS), he was elected to be the Global Strategy Interest Group Chair (2008) He also cochaired the SMS Special Conferences in Shanghai (2007) and in Sydney (2014) He served one term as EditorinChief of the Asia Pacific Journal of Management He managed the successful bid to enter the Social Sciences Citation Index (SSCI), which reported APJM’s first citation impact to be 3.4 and rated it as the top 18 among 140 management journals (by citation impact factor) for 2010 In recognition of his significant contributions, APJM has named its best paper About the Author Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it iii award the Mike Peng Best Paper Award Currently, he is a Consulting Editor at APJM Professor Peng is also an active consultant, trainer, and keynote speaker He has provided onthejob train ing to more than 400 professors He has consulted and been a keynote speaker for multinational enterprises (such as AstraZeneca, Berlitz, Mass Transit Railway Hong Kong, Nationwide, SAFRAN, and Texas Instru ments), nonprofit organizations (such as World Affairs Council of DallasFort Worth), educational and funding organizations (such as Canada Research Chair, Harvard Kennedy School of Government, US National Science Foundation, and Natural Science Foundation of China), and national and international organizations (such as the UK Government Office for Science, USChina Business Council, US Navy, and The World Bank) iv Professor Peng has received numerous honors, including an NSF CAREER Grant ($423,000), a US Small Business Administration Best Paper Award, a (lifetime) Distinguished Scholar Award from the South western Academy of Management, a (lifetime) Scholarly Contribution Award from the International Association for Chinese Management Research (IACMR), and a Best Paper Award named after him He has been quoted by The Economist, Newsweek, Dallas Morning News, Texas CEO Magazine, Smart Business Dallas, Atlanta JournalConstitution, The Exporter Magazine, The World Journal, Business Times (Singapore), CEOCIO (Beijing), Sing Tao Daily (Vancouver), and Brasil Econômico (São Paulo), as well as on the Voice of America About the Author Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it M I K E W P E N G GLOBAL Part 1: Laying Foundations BRIEF CONTENTS Globalizing Business 2 Understanding Politics, Laws, & Economics 20 Emphasizing Cultures, Ethics, & Norms 36 Leveraging Resources & Capabilities 52 Part 2: Acquiring Tools 66 Trading Internationally 66 Investing Abroad Directly 86 Dealing with Foreign Exchange 102 Capitalizing on Global & Regional Integration 120 Part 3: Managing around the World 138 Growing & Internationalizing the Entrepreneurial Firm 138 10 Entering Foreign Markets 152 11 Making Alliances & Acquisitions Work 168 12 Strategizing, Structuring, & Learning around the World 184 13 Managing Human Resources Globally 202 14 Competing in Marketing & Supply Chain Management 220 15 Managing Corporate Social Responsibility Globally 234 Endnotes 248 Index 252 Tear-out Cards SERGEY PETERMAN/SHUTTERSTOCK.COM PengAtlas Maps Brief Contents Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it v CONTENTS Part 2-2 WHAT DO INSTITUTIONS DO? Laying Foundations 23 2-3 AN INSTITUTION-BASED VIEW OF GLOBAL BUSINESS 2-4 POLITICAL SYSTEMS 23 24 2-4a Democracy 25 2-4b Totalitarianism 25 2-4c Political Risk 25 2-5 LEGAL SYSTEMS 28 MARCIO MACHADO/GETTY IMAGES 2-5a Civil Law, Common Law, and Theocratic Law 28 1-1 WHAT IS GLOBAL BUSINESS? 1-2 WHY STUDY GLOBAL BUSINESS? 1-3 A UNIFIED FRAMEWORK 2-7 ECONOMIC SYSTEMS 30 2-7a Market, Command, and Mixed Economies 30 2-7b What Drives Economic Development? 31 2-8 MANAGEMENT SAVVY 32 33 Emphasizing Cultures, Ethics, & Norms 36 Opening Case: Partying in Saudi Arabia and Xinjiang, China 37 3-1 WHERE DO INFORMAL INSTITUTIONS COME FROM? 37 1-3b First Core Perspective: An Institution-Based View 3-2 CULTURE 38 1-3c Second Core Perspective: A Resource-Based View 10 3-2a Definition of Culture 38 1-3d A Consistent Theme 10 3-2b Language 38 3-2c Religion 40 10 3-3 CLASSIFYING CULTURAL DIFFERENCES 1-4a Three Views on Globalization 11 1-4b The Pendulum View on Globalization 12 3-3a The Context Approach 40 1-4c Semiglobalization 13 3-3b The Cluster Approach 41 1-5 A GLANCE AT THE GLOBAL ECONOMY 1-6 ORGANIZATION OF THE BOOK 40 3-3c The Dimension Approach 42 15 3-4 CULTURE AND GLOBAL BUSINESS 16 Closing Case: Two Scenarios of the Global Economy in 2050 16 3-5 ETHICS 45 46 3-5a Definition and Impact of Ethics 46 Understanding Politics, Laws, & Economics 20 Opening Case: The Newest Transition Economy 2-1 UNDERSTANDING INSTITUTIONS vi 2-6b Intellectual Property Rights 29 1-3a One Fundamental Question 1-4 WHAT IS GLOBALIZATION? 2-6a Property Rights 29 Closing Case: Carlsberg Confronts Political Risk in Russia Globalizing Business Opening Case: Shanghai Disneyland 2-6 PROPERTY RIGHTS AND INTELLECTUAL PROPERTY RIGHTS 29 22 21 3-5b Managing Ethics Overseas 46 3-6 ETHICS AND CORRUPTION 47 3-7 NORMS AND ETHICAL CHALLENGES 3-8 MANAGEMENT SAVVY 48 49 Closing Case: Monetizing the Maasai Tribal Name 50 Contents Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it 5-3 REALITIES OF INTERNATIONAL TRADE Leveraging Resources & Capabilities 52 Opening Case: LEGO’s Secrets 5-3a Tariff Barriers 79 5-3b Nontariff Barriers 81 5-3c Economic Arguments against Free Trade 82 53 4-1 UNDERSTANDING RESOURCES AND CAPABILITIES 4-3 WHEN AND WHEN NOT TO OUTSOURCE 5-3d Political Arguments against Free Trade 82 54 4-2 RESOURCES, CAPABILITIES, AND THE VALUE CHAIN 5-4 MANAGEMENT SAVVY 55 83 Closing Case: The China Trade Debate 56 4-4a The Question of Value 59 4-4b The Question of Rarity 60 Opening Case: Nordic Multinationals 4-4 FROM SWOT TO VRIO 59 4-4c The Question of Imitability 60 Investing Abroad Directly 86 87 87 6-1a The Key Word Is Direct 88 62 Closing Case: The Rise of Alibaba 84 6-1 UNDERSTANDING THE FDI VOCABULARY 4-4d The Question of Organization 61 4-5 MANAGEMENT SAVVY 78 6-1b Horizontal and Vertical FDI 88 63 6-1c FDI Flow and Stock 88 6-1d MNE versus Non-MNE 89 Part 6-2 WHY DO FIRMS BECOME MNEs BY ENGAGING IN FDI? 89 Acquiring Tools 6-3 OWNERSHIP ADVANTAGES 91 6-3a The Benefits of Direct Ownership 91 6-3b FDI versus Licensing 91 6-4 LOCATION ADVANTAGES 92 6-4a Location, Location, Location 92 6-4b Acquiring and Neutralizing Location Advantages 92 6-5 INTERNALIZATION ADVANTAGES 94 6-5a Market Failure 94 HXDYL/SHUTTERSTOCK.COM 6-5b Overcoming Market Failure Through FDI 94 Trading Internationally 66 Opening Case: Why Are US Exports So Competitive? 5-1 WHY DO NATIONS TRADE? 67 68 5-2 THEORIES OF INTERNATIONAL TRADE 70 5-2a Mercantilism 70 5-2b Absolute Advantage 70 5-2c Comparative Advantage 71 5-2d Product Life Cycle 73 5-2e Strategic Trade 74 5-2f National Competitive Advantage of Industries 75 5-2g Evaluating Theories of International Trade 76 6-6 REALITIES OF FDI 95 6-6a Political Views on FDI 95 6-6b Benefits and Costs of FDI to Host Countries 96 6-6c Benefits and Costs of FDI to Home Countries 99 6-7 MANAGEMENT SAVVY 99 Closing Case: FDI in the Indian Retail Industry 100 Dealing with Foreign Exchange 102 Opening Case: The All-Mighty Dollar 103 7-1 WHAT DETERMINES FOREIGN EXCHANGE RATES? 104 7-1a Basic Supply and Demand 104 7-1b Relative Price Differences and Purchasing Power Parity 105 7-1c Interest Rates and Money Supply 106 7-1d Productivity and Balance of Payments 107 7-1e Exchange Rate Policies 108 7-1f Investor Psychology 109 Contents Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it vii Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 VENEZUELA ECUADOR URUGUAY PARAGUAY BOLIVIA BRAZIL ARGENTINA CHILE PERU POLAND UKRAINE FINLAND MALTA GREECE SPAIN TUNISIA PORTUGAL SPAIN FRANCE ALB NIGER MALIMAURITANIA WESTERN SAHARA LATVIA EST FINLAND RUSSIA MALI NIGER CYPRUS EMIRATES SAUDI OMAN ARABIA BANGLADESH I N MYANMAR DIA LAOS LAOS BANGLADESH MYANMAR I N D I ANEPAL UNITED ARAB EMIRATES BHUTAN BHUTAN CHINA KYRGYZSTAN C H I N A MONGOLIA MONGOLIA TAJIKISTAN NEPAL PAKISTAN AFGHANISTAN IRAN PAKISTAN KUWAIT UNITED BAHRAIN ARAB QATAR IRAQ AZERBAIJAN OMAN YEMEN ERITREA YEMEN DJIBOUTI ARABIA EGYPT SAUDI KUWAIT BAHRAIN QATAR TURKEY ARMENIA IRAN UZBEKISTAN KAZAKHSTAN KYRGYZSTAN TAJIKISTAN AFGHANISTAN TURKMENISTAN TURKMENISTAN GEORGIA UZBEKISTAN RUSSIA RUSSIA KAZAKHSTAN AZERBAIJAN ERITREA LIBYA EGYPT IRAQ BULG GREECE ALB OS LA ARMENIA GREECE VIA TUNISIA CYPRUS MALTA ITA LY BOS.AUSTRIA HUNG MOLDOVA MACE YU TURKEY HERZ ALB ROMANIA G SWITZ ALGERIA ALGERIA MOROCCO LIBYA SPAIN PORT MOROCCO PORTUGAL LUX NO R NORTH KOREA VIETNAM TAIWAN TAIWAN SOUTH KOREA SOUTH NORTH KOREA KOREA JAPAN JAPAN URUGUAY PARAGUAY BOLIVIA BRAZIL SWAZILAND AFRICA Atheist Confucian Roman Catholic Christian, Judaism no major sects Orthodox, IndigenousMuslim Christian, other Buddhism Judaism Hindu Confucian Indigenous Atheist Buddhism EGYPT Hindu Religious beliefs among 70% or more of the population LESOTHO MOZAMBIQUE SWAZILAND SOUTH LESOTHO BOTSWANA SOUTH AFRICA NAMIBIA MALAWI ANGOLA ZAMBIA ZIMBABWE MADAGASGAR NAMIBIA ZIMBABWE BOTSWANA MOZAMBIQUE MADAGASGAR ANGOLA ZAMBIA Religious beliefs among 70% or more of the population ARGENTINA CHILE PERU Orthodox, no major sects Christian, Roman Catholic SAUDI ARABIA SAUDI ARABIA West Bank IRAQ JORDAN JORDAN EGYPT ISRAEL Gaza MALAWI Strip Gaza West Strip Bank AUSTRALIA AUSTRALIA PHILIPPINES SENEGAL VIETNAM CHAD PHILIPPINES BURKINA SENEGAL CHAD GAMBIA THAILAND DJIBOUTI BURKINA SUDAN GAMBIA FASO THAILAND SUDAN GUINEA GUINEA-BISSAU FASO GUINEA GUINEA-BISSAU GUYANA CAMBODIA NIGERIA SRI CAMBODIA NIGERIA ETHIOPIA SRI ETHIOPIA SIERRA LEONE CENTRAL VENEZUELA SIERRA LEONE CENTRAL SURINAME SURINAME BRUNEI BRUNEI LANKA LANKA AFRICAN REP AFRICAN REP LIBERIA FRENCHLIBERIA GUIANA FRENCH GUIANA MALAYSIA COLOMBIA TOGO CAMEROON MALAYSIA TOGO CAMEROON SOMALIA UGANDA SOMALIA ˆ UGANDA COTE GHANA BENIN ˆ COTE GHANA RWANDA BENIN RWANDA D'IVOIRE KENYA GABON BURUNDI D'IVOIRE ECUADOR KENYA LEBANON GABON EQUITORIAL SYRIA BURUNDI LEBANON DEM REP EQUITORIAL SYRIA GUINEA DEM REP OF THE CONGO TANZANIA INDONESIA GUINEA CONGO OF THE CONGO IRAQ INDONESIA ISRAEL CONGO TANZANIA GUATEMALA NICARAGUA EL SALVADOR GUYANA COSTA RICA PANAMA COLOMBIA SWEDEN RUSSIA NORWAY BELARUS LITH LATVIA EST FINLAND UNITED CZECH LITH DEN EST KINGDOM REP SLOVAK BELARUS LATVIA IRELAND AUST DEN LITH HUNG UNITED NETH SWITZ POLAND FRANCEKINGDOM ROMANIA ICELAND GERMANY SLOVEN BELARUS MOLD FINLAND IRELAND NETH UKRAINE BELG POLAND CZECH GERMANY ITALY CRO LUX BELG EST REP SLOVAK LUX CZECH UKRAINE BULG YUGO SLOVAK LATVIA AUST DEN FRANCE BOS.LITH AUSTRIA HUNG MOLDOVA HUNG UNITED SWITZ SWITZ MACE FRANCE YU KINGDOM ROMANIA HERZ ROMANIASLOVEN BELARUS MOLD ALB IRELAND GO NETH POLAND GEORGIA SL ITALY CRO SPAIN GERMANY AV ITA GREECE IA BELG LUX CZECH LY BULG UKRAINE BULG YUGO SLOVAK WESTERN SAHARA PORT DEN GREENLAND NETH (DENMARK) GERMANY ICELAND BELG UNITED KINGDOM IRELAND MAURITANIA DOMINICAN REPUBLIC BAHAMAS JAMAICA BELIZE HONDURAS HAITI CUBA DOMINICAN REPUBLIC JAMAICA MEXICO BELIZE HONDURAS HAITI CUBA CANADA UNITED STATES BAHAMAS GUATEMALA NICARAGUA EL SALVADOR COSTA RICA PANAMA MEXICO UNITED STATES CANADA GREENLAND (DENMARK) SWEDEN WA Y ICELAND NORWAY DEN SWE ICELAND EN SWED Religious Heritage around the World AY RW NO Christian, other Muslim Source: World Factbook, 2000 Note that Confucianism, strictly speaking, is not a religion, but a set of moral codes guiding interpersonal relationships MAP NEW ZEALAND NEW ZEALAND NEW GUINEA PAPUA PAPUA NEW GUINEA www.downloadslide.net MAP 2,329 (1) United States Top Merchandise Exporters and Importers France France 681 580 (5) (6) Italy 477 (10) Germany 1,189 (3) Other countries Top ten merchandise importers $ billion (ranking) Top ten merchandise exporters $ billion (ranking) ATLANTIC OCEAN Netherlands Germany 1,453 590 (3) (8) Netherlands 672 United Kingdom (5) 542 (8) United Kingdom 655 (6) ARCTIC OCEAN INDIAN OCEAN Russia 523 (10) 2,209 (1) Importers Source: Adapted from World Trade Organization, 2014, Word Trade Report 2014, Appendix Tables and 5, Geneva: WTO (www.wto.org) All data are for 2013 1,580 (2) MAP Japan 715 (4) Japan 833 South Korea South (4) 516 Korea (9) 562 (7) Hong Kong, Hong Kong, China China 536 622 (9) (7) 1,950 (2) China MAP www.downloadslide.net Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Singapore 128 (7) Source: Adapted from World Trade Organization, 2014, Word Trade Report 2014, Appendix Tables and 5, Geneva: WTO (www.wto.org) All data are for 2013 Other countries Top ten service importers $ billion (ranking) Netherlands 147 (7) Netherlands 127 (8) United States 662 432 (1) (1) United Kingdom 293 United Kingdom (2) 174 (5) France 236 France (4) 189 ATLANTIC (4) OCEAN Spain 145 (9) 286 (3) Top ten service exporters $ billion (ranking) INDIAN OCEAN India 125 (9) India 151 (6) Germany 317 (3) ARCTIC OCEAN Germany Top Service Exporters and Importers MAP MAP Hong Kong, China 133 (10) Russia 123 (10) 205 (5) China 329 (2) Japan 145 (8) Japan 162 (6) www.downloadslide.net Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Australia 50 (8) Singapore 64 (6) Hong Kong, China 92 (5) Japan 136 (2) Other countries Top ten FDI outflows $ billion (ranking) Source: Adapted from United Nations, 2014, World Investment Report 2014 (p xv), New York and Geneva: UN Data refer to 2013 Brazil 65 (5) Spain 39 (9) Mexico 38 (10) United States 188 338 (1) (1) 62 (7) Canada 43 (8) PACIFIC OCEAN MAP FDI Inflows and Outflows ATLANTIC OCEAN Switzerland 60 (6) Germany 58 (7) ARCTIC OCEAN Netherlands 37 (9) Top ten FDI inflows $ billion (ranking) Sweden 33 (10) 79 (3) INDIAN OCEAN 124 (2) Russia 95 (4) China 101 (3) PACIFIC OCEAN MAP Hong Kong, China 77 (4) www.downloadslide.net Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it MEDITERRANEAN SEA France (€) 1958 Belgium (€) 1958 Italy (€) 1958 Slovenia (€) 2004 Malta (€) 2004 Bulgaria 2007 Romania 2007 Latvia (€) 2004 Estonia (€) 2004 Slovakia (€) 2004 Lithuania (€) 2004 Greece (€) 1981 Hungary 2004 Poland 2004 Croatia 2013 Austria (€) 1995 Czech Rep 2004 Germany (€) 1958 Luxembourg (€) 1958 Netherlands (€) 1958 Denmark 1973 Sweden 1995 Finland (€) 1995 Cyprus (€) 2004 BLACK SEA Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Source: Adapted from http://europa.eueuropa.eu As of February 2015, candidate countries are Albania, Iceland, Macedonia, Montenegro, Serbia, Turkey, and potential candidate countries of Bosnia and Herzegovina, and Kosovo In 2016, the United Kingdom voted to leave the EU, and it is expected to complete separation agreements with the EU by 2019 Spain (€) 1986 BAY OF BISCAY United Kingdom 1973 Ireland (€) 1973 ATLANTIC OCEAN The European Union Portugal (€) 1986 MAP www.downloadslide.net MAP MAP 10 MAP 10 www.downloadslide.net Regional Integration in South America Dominican Republic Guatemala El Salvador Costa Rica Honduras Nicaragua Venezuela Colombia Ecuador Brazil Peru PACIFIC OCEAN Bolivia Paraguay Mercosur members Andean Community members CAFTA members Other countries Argentina Uruguay ATLANTIC OCEAN In May 2008, Andean Community and Mercosur agreed to merge to form the Union of South American Nations (USAN, more commonly known by its Spanish acronym, UNASUR, which refers to Unión de Naciones Suramericanas) Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Cambodia Japan New Zealand New Caledonia PACIFIC OCEAN Other countries APEC-only members ASEAN-only members APEC & ASEAN members Mexico United States Canada Chile Peru In 2005, four APEC members—Brunei, Chile, New Zealand, and Singapore—established Trans-Pacific Partnership (TPP) Since then eight additional APEC members—Australia, Canada, Malaysia, Mexico, Peru, Japan, the United States, and Vietnam—negotiated to join TPP The final agreement was signed by all 12 countries in Auckland, New Zealand, in February 2016 It would need to be ratified by every TPP member in two years of signing As of this writing (June 2017), only Japan has ratified it In January 2017, President Donald Trump withdrew the US signature from TPP Australia Papua New Guinea Philippines Indonesia Malaysia Singapore Brunei Taiwan S Korea Hong Kong Vietnam Myanmar Thailand Laos China Regional Integration in the Asia Pacific Russia MAP 11 www.downloadslide.net MAP 11 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 All other countries Bottom ten countries Top ten countries Democratic Republic of the Congo 184 Angola 181 Source: Data extracted from www.doingbusiness.org/rankings Doing Business 2014 Venezuela 182 Haiti 180 United States Ease of Doing Business MAP 12 South Sudan 186 Central African Republic 187 Chad 185 Libya 188 United Kingdom Norway Denmark Finland Afghanistan 183 Eritrea 189 Singapore Australia 10 Hong Kong, China South Korea MAP 12 New Zealand www.downloadslide.net Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it www.downloadslide.net Source: Data extracted from http://www.doingbusiness.org/reforms/top-reformers-2015 INDIAN OCEAN Dem Rep of the Congo: Getting electricity Benin: Enforcing contracts Togo: Paying taxes Trinidad and Tobago: Resolving insolvency Cote d'lvoire: Trading across borders Senegal: Starting a business PACIFIC OCEAN MAP 13 Top Reformers in Doing Business ATLANTIC OCEAN Ireland: Getting credit ARCTIC OCEAN Azerbaijan: Registering property Tajikistan: Dealing with construction permits United Arab Emirates: Protecting minority investors PACIFIC OCEAN MAP 13 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it www.downloadslide.net Shanghai Pudong International Airport Memphis International Airport Hong Kong International Airport Cargo Ranking (Freight in Metric Tons): London Heathrow International Airport Beijing International Airport Atlanta International Airport Passenger Ranking (Number of Total Passengers): 92,389,023 3,916,410 Source: Adapted from Airports Council International (ACI), 2013 data 69,433,565 PACIFIC OCEAN MAP 14 World’s Busiest Airports ATLANTIC OCEAN ARCTIC OCEAN INDIAN OCEAN 3,085,268 78,675,058 3,976,768 PACIFIC OCEAN MAP 14 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it MAP 15 INDIAN OCEAN Ethiopia 45,650,000 Brazil 107,300,000 Source: Adapted from Country Comparison: Labor Force, World Factbook, 2013 Nigeria 51,530,000 Pakistan 59,210,000 Bangladesh 78,620,000 Indonesia 120,000,000 Philippines 41,330,000 Vietnam 52,930,000 PACIFIC OCEAN India 487,300,000 Mexico 51,480,000 Germany 44,200,000 European Union 228,400,000 ATLANTIC OCEAN United States 155,400,000 PACIFIC OCEAN MAP 15 Countries with the Largest Labor Forces ARCTIC OCEAN Russia 75,290,000 China 797,600,000 Japan 65,620,000 www.downloadslide.net Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it www.downloadslide.net Zimbabwe 95% PACIFIC OCEAN Ecuador 4.2% Brazil 6% Haiti 40.6% Dominican Republic 13.1% Senegal 48% Kosovo 45.3% Macedonia 31.4% United States 9% ATLANTIC OCEAN Spain 21.7% Zambia 14% Namibia 51.2% Nigeria 21% South Africa 24.9% Greece 17.3% Canada 7.5% Bosnia and Herzegovina 43.3% Ireland 14.4% ARCTIC OCEAN Unemployment Rates in Select Countries MAP 16 Sources: IndexMundi: http://www.indexmundi.com/g/r.aspx?v=74’, Central Intelligence Agency, 2014, The World Factbook 2014, https://www.cia.gov/library/publications/the-world-factbook/ INDIAN OCEAN Djibouti 59% Iran 15.3% Singapore 2% Australia 5.1% PACIFIC OCEAN MAP 16 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it www.downloadslide.net Australia: 16.9 United Arab Emirates: 19.9 Qatar: 40.3 Oman: 20.4 Bahrain: 19.3 Aruba: 22.8 Trinidad and Tobago: 38.2 Saudi Arabia: 17.0 Kuwait: 31.3 United States: 17.6 Canada: 14.7 Source: Adapted from World Bank data, 2014, http://data.worldbank.org/indicator/EN.ATM.CO2E.PC?order=wbapi_data_value_2010+wbapi_data_value+wbapi_data_value-first&sort=desc MAP 17 Top CO2 Emissions in Metric Tons per Person Luxembourg: 21.4 Kazakhstan: 15.2 Brunei Darussalam: 22.9 New Caledonia: 15.7 MAP 17 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it www.downloadslide.net More maps can be accessed using 4LTR Online In addition to the 17 PengAtlas maps that are a part of these cards, a set of animated maps can be found as part of the 4LTR Press Online experience These engaging maps let you delve more deeply into key concepts presented in the book and enhance your grasp of GLOBAL geography For even more great resources, including videos, interactive problems, flashcards, and quizzes, log in to GLOBAL Online at www.cengagebrain.com Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it www.downloadslide.net YOUR FEEDBACK YOUR BOOK Our research never ends Continual feedback from you ensures that we keep up with your changing needs www.cengage.com/4LTRPRESS Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part WCN 02-200-202 Copyright 2018 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it ... time if subsequent rights restrictions require it THE GLOBAL SOLUTION Print GLOBAL3 GLOBAL4 CCHHAAPPTTEERR + Globalizing Business Business Globalizing Online CCHHAAPPTTEERR Understanding Understanding... Management) Used in more than 30 countries, Professor Peng s best selling textbooks, Global Business, Global Strategy, and GLOBAL, are global market leaders that have been trans lated into... interesting questions, GLOBAL will be with you as you embark on your global business studies and launch your career Enjoy the ride! 1-1 WHAT IS GLOBAL BUSINESS? Traditionally, international business (IB)